Wednesday, November 24, 2010

Crude Oil Technical Outlook For Wednesday Morning Nov. 24th

Crude oil was higher due to short covering overnight as it consolidates above the 50% retracement level of the August-November rally crossing at 81.14. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near term.

If January extends the aforementioned decline, the 62% retracement level of the August-November rally crossing at 79.24 is the next downside target. Closes above the 20 day moving average crossing at 84.41 would confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 83.16
Second resistance is the 20 day moving average crossing at 84.41

Crude oil pivot point for Wednesday morning is 81.21

First support is Tuesday's low crossing at 80.28
Second support is the 62% retracement level of the August-November rally crossing at 78.56


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